WINCHESTER, VA. — Conrad Koneczny and Betty Friant of Sperry Van Ness’ Winchester office have represented both parties in the $1.2 million sale of a 9,966-square-foot retail/office property, located at 1 N. Loudoun St. in Winchester. A Boyce, Va.-based private investor sold it to a Winchester-based private investor. Originally built in 1930, the building was restored in 2004 and 2005. The property was 75 percent occupied at the close of escrow with tenants including Daily Grind coffee shop.
Mixed-Use
DECATUR, GA. — OCP Trinity Square, an affiliate of Oakhurst Capital Partners, has acquired Trinity Square in Decatur for $4.4 million. The 22,863-square-foot office/retail property, located at the corner of Church Street and E. Trinity Place, is 100 percent leased.
OAK BROOK, ILL. — Kerasotes ShowPlace Theatres has plans to open a 14-screen multiplex in Clearwater, a mixed-use project under development in Oak Brook by The John Buck Company and San Francisco-based McMorgan & Co. The theater will break ground in the first half of 2008, and is expected to be complete in the first half of 2009. Clearwater, located on 29 acres at the corner of 22nd Street and York Road, is being designed by Chicago-based OKW Architects. In addition to the theater, the development will contain 80,000 square feet of retail and restaurant space, a 50,000-square-foot health club, a 139-room aloft Hotel, and a 13-story, 77-unit luxury condominium tower.
CHINO HILLS, CALIF. — Phoenix-based Opus West has broken ground for the construction of The Commons at Chino Hills, a 500,000-square-foot power center located at the intersection of Chino Hills Parkway and Romona Avenue in Chino Hills. The $150 million project will feature a 170,000-square-foot Lowe’s Home Improvement Center, as well as a mix of regional and national retailers and restaurants. Completion of the project is slated for late summer 2008. Pasadena, Calif.-based KKE Architects provided architectural services for the project.
JACKSONVILLE, FLA. — SIKON Construction Corp. has begun work on the two-story, 40,000-square-foot Tapestry Park, a mixed-use European Village development located at Southside Boulevard and Gate Parkway in Jacksonville. Joyce Development Group is developing the project. The ground floor will feature 24,000 square feet of retail space and the second floor will contain 16,000 square feet of Class A office space. Maitland, Fla.-based Charlan Brock & Associates designed the project, which is slated for completion in spring 2008.
DALLAS — Post Properties has broken ground on Post Frisco Bridges, a new 5-acre mixed-use development located off of the Dallas North Tollway in Dallas. Phase I of the project, which is positioned within the Champion Partners’ master-planned Sierra Frisco development, will feature 269 luxury apartment units and approximately 29,000 square feet of retail space. The residential portion will house one- and two-bedroom units with amenities including a pool, an outdoor fireplace, a fitness center, an Internet café and two landscaped courtyards. The first units will be available in the fourth quarter of 2008.
MIAMI — Argent Ventures is redeveloping the former Omni International Mall in Miami into a mixed-use complex. Miller Construction Co. will begin Phase I this month, which will include converting the top four floors into 320,000 square feet of Class A office space. Phase II will include 300,000 square feet of retail space and the addition of a fourth story to the building and parking deck.
TAMPA, ORLANDO, LAKE MARY AND OLDSMAR, FLA. — A New York-based private equity fund acquired a nine-building portfolio in Central Florida for $77.8 million from a Tampa-based commercial developer. The portfolio consists of approximately 710,500 square feet of Class A industrial/flex and office space. Seven buildings, or approximately 430,000 square feet, is located in the Tampa submarkets of Pinellas County and the airport. Two buildings are located in the Orlando submarkets of southwest Orange County and Seminole County. The portfolio is 99 percent leased. David Metalonis and John Crotty with the Fort Lauderdale based-Colliers Abood Wood-Fay investment sales team sourced and structured the transaction, and Jay Ziv, also of Colliers Abood Wood-Fay, represented the buyer.
MEDFORD, ORE. — Medford-based Lithia Motors Inc. has partnered with Medford Urban Renewal Agency (MURA) to develop The Commons, a six-block urban redevelopment project located in Medford. The development will feature Lithia’s new headquarters, as well as several mixed-use buildings that will accommodate commercial office space, retail shops, restaurants and residences. Additionally, the project will feature a parking garage and three new parks for residents and visitors. The $150 million project is slated for completion by 2010. Once completed, Lithia’s headquarters will house 550 employees and seek LEED certification.
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